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Corporate governance in Asia : Recent evidence from Indonesia, Republic of Korea, Malaysia, and Thailand

Related Document
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  • Corporate governance in Asia
  • Nam, Sang-Woo; Nam, Il Chong
  • Asian Development Bank Institute


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Title Corporate governance in Asia
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Sub Title

Recent evidence from Indonesia, Republic of Korea, Malaysia, and Thailand

Material Type Reports
Author(English)

Nam, Sang-Woo; Nam, Il Chong

Publisher

[Tokyo]:Asian Development Bank Institute

Date 2004-10
Pages 211
Subject Country South Korea(Asia and Pacific)
Language English
File Type Link
Original Format pdf
Subject Industry and Technology < Entrepreneurship
Holding Asian Development Bank Institute

Abstract

Poor corporate governance is widely viewed as one of the structural weaknesses that were responsible for the outbreak of the 1997 Asian crisis. In companies controlled by family owners, these owners could pursue their private interests relatively easily and often at the expense of minority shareholders and firms’ profits. Postcrisis policy packages have given high priority to putting sound regulatory frameworks in place; however, some critics believe that the reform measures, which are based largely on the Anglo-American model, are likely to be cosmetic because of the concentrated ownership structure and the embedded institutional and sociocultural norms in local economies. In addition, little convincing evidence has been provided about the beneficial effect of good corporate governance on firms’ values and performance in these economies. Many observers suggest that, in the Asian culture, stakeholders other than shareholders, especially employees and creditor banks, can also play a useful role in corporate governance. (The rest if omitted)